Notification of certain shareholdings

Pursuant to section 37 of the Danish Securities Trading Act, Carlsberg A/Sshall notify the Copenhagen Stock Exchange each quarter on company shareholdings held by insiders and their close relatives.

Insiders in Carlsberg A/S include members of the company's Board of Directors and the Executive Board as well as a number of the Group's employees with access to inside infor-mation. The insider register includes approximately 80 individuals aswell as their spouses/ cohabitants and their children under the age of 18, etc.

According to the company's internal rules, the individuals in the insider register may only trade in Carlsberg A/S shares during a 4-week period following the publication of the Prelimi-nary Profit Statement, the Quarterly Financial Statements or any similar announcement re-garding financial issues.

As of 22 March 2004, the statement of trading in shares for the persons in question shows the following (split into Carlsberg A shares and Carlsberg B shares).